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Azad Engg garners $20m funds for expansion
Azad Engg garners $20m funds for expansion
Hyderabad-based Azad Engineering Pvt Ltd has successfully closed its first round of funding of $20 million from DMI Management
Hyderabad: Hyderabad-based Azad Engineering Pvt Ltd has successfully closed its first round of funding of $20 million from DMI Management.
Azad Engineering will utilise the funds in setting up its second manufacturing facility in Hyderabad at an investment of $80 million over the next 36 months.
The company's new lean facility will be spread over 50 acres allotted by Telangana State Industrial Infrastructure Corporation (TSIIC). Upon successful operationalisation of the facility, the manufacturing capacity will be expanded to deliver to the needs of Aerospace and Energy partners.
The expansion plan gives a boost to execute the large order book of $250 million for the next 5 years. Azad stands as a qualified Tier 1 partner to the world leading OEMs such as GE, Mitsubishi, Siemens, Toshiba, MAN, Doosan Skoda, GE Aviation, Boeing, Honeywell, Eaton, Rafael, BHEL, HAL, Baker Hughes among others.
Jayesh Ranjan, Principal Secy, Industries, Government of Telangana said, "Azad has ensured Indian presence in global precision engineering map. Azad broke all the barriers and today stands as the most preferred and favourite supplier of global OEM. Government of Telangana is proud to support this company and create a precision engineering cluster that will create jobs for 1500+ highly skilled people in Hyderabad to leverage and grow the existing aerospace industry cluster."
